Are you doing without life insurance or unsure whether you have adequate coverage? Listen to this overview to find out more.

Transcript

If you're single with no dependents, you may need minimal life insurance or none at all. But if your spouse, children, or others depend on your income, life insurance can help protect them should something happen to you.

To calculate how much coverage you need, estimate how much of your annual income your beneficiaries will need to replace. Most people need coverage worth at least five times their annual pay.

There are numerous types of policies available. An insurance broker can help you determine which one is right for you. Before buying a policy, make sure to ask about commissions, fees and other charges.